In the context of an ultimatum game, the first player proposes a split of $100 to a second player. The second player can either accept the split or both players receive $0 . A rational second player will accept any offer
a. greater than $0

Under what circumstances are the marginal expenditure for an input and the average expenditure always equal? Where there is a

A) competitive buyer. B) competitive seller. C) monopoly buyer. D) monopoly seller.

You are an analyst with a perfectly competitive firm that makes DRAM memory chips. You must manufacture the chips before you know what the demand will be. Based on the below figure, if the demand is high with an 80% probability and low with a 20% probability, the expected marginal revenue for a chip is ________.

A) $2.00
B) $2.60
C) $2.40
D) $1.40